The starting price for residences with two bedrooms is £5.8 million. The larger tower residences (both with private 3-floor towers) and the 2 penthouses, each of which is priced on application, are the most expensive. Penthouses can be about £150 million and 4- to 5-bedroom residencies will cost between £7,000 and £8,000 per sq ft. As we have announced the start of sales this week, the price of these residences is too early to share. adhunter
The project was launched at a time when the global economy was severely affected by the pandemic. What is the strategy at that time to release the best value?
Over the past few months, we have received numerous inquiries and early interest from prospective purchasers, who have heard about the project. Most purchasers have signed non-disclosure agreements, including royalty, movie stars and industrialists. Many of these are keen supporters of the Raffles brand that waited for Raffles to launch their homes in Europe. Others saw the building being built and its proximity to St. James' Park.
We are confident that this demand and interest will continue when the world economy opens up and people can travel to London again. From China, Singapore, the UAE and Hong Kong, we have seen interest.
How will this project contribute to the business of your group?
We are optimistic that even with the pandemic challenges sales will progress well.
We saw The OWO as our opportunity to build a heritage for the Hinduja family, to renovate a historic building associated with Winston Churchill, David Lloyd George and numerous renowned generals and politicians.
The building will open to the public and will cement our family's feelings for London and for Britain; London is a remarkably international and welcoming city, home to all communities, religions and languages.
We have lived and worked in the heart of St James, wandering through the Royal Park and enjoying the world-renowned views of the Mall, the Buckingham Palace, the Westminster Palace, and beyond.
What is your Group's real estate long-term plan?
This is our largest real estate renovation for the Hinduja family and group. Our company Westminster Development Services has an excellent immobilial development team in place with the restoration of the Carlton House Terrace and the OWO. We remain open to other opportunities to restore and redevelop historic "trophy" properties throughout the United Kingdom and Europe.
Our founder believed that land and property were increasing in value and [it] invested in India. The Hinduja Realty Ventures Ltd., our real estate company, has large property banks across Bengaluru, Hyderabad, Chennai and Mumbai where major redevelopments are in the pipeline. Why have you linked up for The OWO with Raffles Hotels?
Raffles is the obvious, natural fit for The OWO with its exemplary record of world-class customer care, experience and service. This is Europe's first Raffles Hotel and branded residences flagship. I am pleased that Sebastien Bazin, CEO of Accor, has, like me, taken a personal interest in the project to ensure that it was an overall success and that we have developed a strong, close working relationship.
What is your assessment of the global and Indian pandemic hit economies?
I am always optimistic and a resilient world economy will bounce back – stock prices are high, property prices in Great Britain are rising and there is some optimism across many economies.
For India...I'm the best supporter of the country, and we have the skills, the know-how, and the expertise to become the top five world economies.
The government must make foreign investment easier and more attractive.
I am an optimist. I am an optimist. India has the best opportunities if it is easy to do business. If implemented properly, India could become the world's third largest economy in the next 8-10 years. The regrettable thing is that implementation in India has a long way to go. Overall, the Indian economy will rebound and increase.